Japan/Asia Long-Short, LightStream Research

Mio Kato

Over 15 years analysing Japanese and Asian stocks from a long/short perspective

I focus on cyclically driven sectors such as Gaming, Factory Automation and Autos

An eclectic background as a long-short analyst, upper management at a financial data startup through its listing, and as the founder of a team analysing big/alternative data, all of which supports independent and differentiated views... we hope

An appreciation for Mathematics drives the development of a "Micro-Quantamental" process which can provide a data-driven, historically-informed and semi-automated foundation upon which to layer more qualitative and judgemental analysis, thus improving investment decision-making speed and accuracy

Japan/Asia Long-Short

NTT Docomo's Deal with Monex (8698); The Goal Is Bigger and Better but Not Compelling Yet

Monex – Bitcoin Breakdown Means This Needs a Hedge

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Monex results were weak as OP of ¥14.9bn missed consensus estimates for ¥18.4bn in OP. </li>
<li>Gains for DeFi token sales failed to offset continued heavy spending in the US and de-SPAC costs at Coincheck at a time when crypto has been weak. </li>
<li>Despite the negatives, the Japan business continues to form a solid base and arguably almost justifies the entire market cap on its own.</li>
</ul>


Monex results were weak as OP of ¥14.9bn missed consensus estimates for ¥18.4bn in OP. 
Gains for DeFi token sales failed to offset continued heavy spending in the US and de-SPAC costs at Coincheck at a time when crypto has been weak. 
Despite the negatives, the Japan business continues to form a solid base and arguably almost justifies the entire market cap on its own.


Monex – Crypto Business Keeps Weakening But Valuation Discount Excessive

Monex Group Inc

Monex – Crypto Business Keeps Weakening But Valuation Discount Excessive